Landing page Term Insurance

Term insurance is a life insurance cover which provides a death benefit for a fixed number of years; the fixed number of years being the ‘term’ in term insurance. Death benefit is when the nominee gets an amount equal to the sum assured or the coverage amount if the insured dies during that period. The sum assured, the term of the policy and the nominee who will get the benefit after the insured person’s death depends on what he or she chooses at the time of buying the term insurance plan.

Top Features of the Term Plan

It offers a wide cover at a very low premium.
It offers tax benefit under section 80C of the Income tax act.
The premiums can be paid annually, one-time, monthly or half yearly.
The nominee can get a fixed monthly payment or a single lump-sum payment.
Group term plan gives an option for group cover.

Steps to Buy Term Insurance Online

When buying term insurance, don’t restrict yourself to lower premiums or higher sum assured. Other factors that are needed to be considered are:

Inclusions & Exclusions of Term Plan

Given below is a List of some common inclusions and exclusions of a term plan. These may vary as per your insurance company’s terms.

Inclusions

Your nominee will get an amount equal to your sum assured after your death.
If you have additional riders, then you will get those benefits if you survive the difficult situation.
You may have an option to switch to any other life insurance plan which offers returns on premium paid as per the conditions stated in the policy wording.

Exclusions

Death due to a pre-existing disease may not be covered.
Death due to self-injury or suicide is excluded during the waiting period.
Those with high-risk jobs may have additional policy restrictions and exclusions.
Death due to negligence or an accident under the influence of alcohol.

Frequently Asked Questions

Categories:

Term Insurance
Why should I buy term insurance plan?
Is there a limit on the number of riders I can buy along with my term insurance policy?
Once I have purchased a term insurance plan, can I shift to a regular life insurance plan in the future?
What if I don’t choose a nominee?
Can I choose a minor as a nominee?
What are the different types of term insurance plans?
What are the factors to consider when choosing the sum assured?
What is the period for which I should buy a term life policy?
Will I pay a lower premium if I buy a policy online?
Is it safe to buy a term policy online?
Do I need to declare about my existing or historical medical conditions?
I smoke occasionally, do I need to declare?
Does term plan give any returns after maturity?
If I buy a policy online, will I face any issues at the time of a claim?
Will my term plan stay valid if I move out of the country?
What is Claim process in term insurance?
What are riders available in term plan?
What is the difference between a term insurance plan when compared to other life insurance plans?
Why should I buy term insurance plan?
Is there a limit on the number of riders I can buy along with my term insurance policy?
Once I have purchased a term insurance plan, can I shift to a regular life insurance plan in the future?
What if I don’t choose a nominee?
Can I choose a minor as a nominee?
What are the different types of term insurance plans?
What are the factors to consider when choosing the sum assured?
What is the period for which I should buy a term life policy?
Will I pay a lower premium if I buy a policy online?
Is it safe to buy a term policy online?
Do I need to declare about my existing or historical medical conditions?
I smoke occasionally, do I need to declare?
Does term plan give any returns after maturity?
If I buy a policy online, will I face any issues at the time of a claim?
Will my term plan stay valid if I move out of the country?
What is Claim process in term insurance?
What are riders available in term plan?
What is the difference between a term insurance plan when compared to other life insurance plans?

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TransAsia Composite Insurance Broking an insurance broker since 1994.
Registered Address: D- 310, Kanakia Zillion, LBS Marg, BKC Annexe, Mumbai - 400070
CIN : U65990MH1994PLC082324

IRDA Broker License No. 151
Valid from 22/04/2015 to 21/04/2018
Principal officer: Pradeep Karyakarte (Contact: +91 22 30212735)